Ripple (XRP) and XRPL Labs Join Forces with Hedera & Algorand in DeRec Alliance: A New Era in Crypto Collaboration

  • Ripple, XRPL Labs, Swirlds Labs, and the Algorand Foundation have formed the DeRec Alliance to standardize digital asset recovery in the Web3 space.
  • New members like Acoer and BankSocial have joined the alliance to enhance recovery standards.
  • The DeRec Alliance, led by Dr. Leemon Baird, co-founder of Hedera, was launched in January with Hedera and Algorand as the pioneer partners.

The DeRec Alliance, a coalition of leading blockchain and cryptocurrency entities including Ripple, XRPL Labs, Swirlds Labs, and the Algorand Foundation, is working towards standardizing digital asset recovery in the Web3 space. New members, such as Acoer and BankSocial, have joined the alliance to further enhance recovery standards.

Formation of the DeRec Alliance

In a move that has attracted the interest of market participants, Ripple and XRPL Labs have partnered with Swirlds Labs and the Algorand Foundation to establish the DeRec Alliance. The two-year coalition aims to introduce a standardized approach to digital asset recovery and tackle the complexity often associated with securing and retrieving online assets, accounts, and passwords in the Web3 space.

New Members Joining the Alliance

Additional members such as Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, The Hashgraph Association, The HBAR Foundation, and Revive Labs have joined the alliance. These members will offer insights and expertise to developing “interoperability recovery” standards, further improving the alliance’s goals.

Role of the DeRec Alliance

Launched in January by Dr. Leemon Baird, co-founder of Hedera, the DeRec Alliance began with Hedera and Algorand as the pioneer partners. The alliance has since worked towards improving the security and recovery of digital assets, eliminating complex procedures required in Web3 environments. Months later, the coalition is establishing open-source protocols to simplify digital asset recovery and make it more accessible to users worldwide.

Conclusion

The DeRec Alliance is a significant step towards making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences. With the addition of new members and the development of open-source protocols, the alliance is set to revolutionize digital asset recovery in the Web3 space.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Solana (SOL) Emerges as Top Ethereum Developer Choice Amid Uptrend Post-FTX Collapse

Solana is emerging as a preferred choice...

MoonBag (MBG) Presale Attracts Render (RNDR) and Blastup (BLAST) Investors: Discover the Key Reasons

The MoonBag presale has recently captured the attention of...

Internet Computer (ICP) Unveils Groundbreaking AI Demo with Advanced Facial Recognition Technology

Internet Computer Founder Dominic Williams has hinted...

Top Cryptos to Buy Now: NOT, FLOKI, and WIF Leading the Market on May 27

The cryptocurrency market is buzzing with excitement...

Trump’s Crypto Holdings Soar Past $10M: Key Insights on BTC and ETH Investments

Donald Trump’s cryptocurrency portfolio has recently crossed...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin (BTC) Price Drops After Failing to Surpass $69K Resistance Level: Market Analysis

Bitcoin dips 0.02%, failing to breach $69,336...

Bitcoin (BTC) Price Analysis: Bullish Surge Propels BTC Towards $70K Resistance

Bitcoin (BTC) continues its upward trajectory, trading...

GBPJPY Technical Analysis Report: Key Insights for May 27, 2024

The cryptocurrency market continues to evolve rapidly,...

Shiba Inu (SHIB) Rally Hits a Roadblock: Key Insights and Market Analysis

Shiba Inu (SHIB) price action has gained...
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Solana (SOL) Emerges as Top Ethereum Developer Choice Amid Uptrend Post-FTX Collapse

Solana is emerging as a preferred choice for Ethereum developers. The collapse of trading firms like FTX in November 2022 has...

MoonBag (MBG) Presale Attracts Render (RNDR) and Blastup (BLAST) Investors: Discover the Key Reasons

The MoonBag presale has recently captured the attention of investors from Render and Blastup, sparking significant interest in the crypto community. Many investors are drawn...

Internet Computer (ICP) Unveils Groundbreaking AI Demo with Advanced Facial Recognition Technology

Internet Computer Founder Dominic Williams has hinted at the integration of facial recognition in its incoming AI Demo push. The Demo...